Ethereum [ETH] futures may have to wait as CFTC has yet to finish the review

While the rule of the bear advances on its journey in the cryptocurrency market, Ethereum [ETH], like his companions, also dipped in red. At press time, the token fell 3.25% when it traded at $ 89 with a market capitalization of $ 9.24 billion. The 24-hour trading volume was calculated at $ 1.72 billion.

1 hour

ETH 1 hour candelabra | Source: tradingview

In this scenario of Ether chandeliers, the downward trend extends from $ 96.8 to $ 87.3 while the support level is set at $ 82.8. As of now, a trend breakout option in the price is not obvious due to the absence of price concentration.

The Parabolic SAR it is clearly bullish on the cryptocurrency. This is visible when the points have gathered under the candles to represent support for the fall in price.

The Aroon indicator it is neutral on the issue because the tendency to green also breaks, following the downward trend. However, the upward trend is still relatively stronger than the downward trend on the chart.

The MACD he made a bullish crossover alongside the bull. To confirm the position, the reading line travels above the signal and moves gradually upwards.

1 day

ETH 1 day of candlesticks | Source: tradingview

In the one-day chart. it can be seen that the token has been devalued several times since July. The first downward trend extends from $ 466 to $ 210, while the latter goes from $ 209 up to $ 93. Here, long-term support is set at $ 183, after which, the currency has violated more supports and keep doing it.

The Bollinger bands they have contracted from his previous high volatility attitude. The bands follow a tunnel model, still giving a fair amount of space to the market to fluctuate.

The RSI has been running in the oversold area for almost a month. A trend reversal is expected at any time. However, the indicator is bearish on Ether at the moment.

The Klinger Oscillator it is bullish on the cryptocurrency while the reading line has made a positive crossover for the signal. It is directed upward in favor of the bull's rule.

Conclusion

In technical analysis, most of the indicators are bullish on Ethereum and indicate a reversal of trend while ETH continues to swim in red. A certain degree of volatility is expected in the market as suggested by the Bollinger Bands.